By Allison Prang

American Express Co.'s profit and revenue climbed in the third quarter, along with its provision for losses.

The credit-card company had a profit of $1.76 billion, up 6.1% from the comparable quarter a year ago. Earnings were $2.08 a share, up from $1.88 a share.

Analysts polled by FactSet were expecting $2.03 a share.

Revenue net of interest expense was $10.99 billion, up 8.3% from a year ago. Analysts were expecting $10.94 billion.

American Express expects revenue to rise between 8% and 10% in the current quarter, Chief Executive Steve Squeri said in prepared remarks. He also reaffirmed the company's earnings guidance for the year.

"The trends we saw in the business this quarter continue to be consistent with an economy that continues to grow, albeit at a more modest pace than last year," Mr. Squeri said.

The company reported $879 million in provisions for losses, 7.6% higher from a year earlier.

This metric rose in the company's consumer-services division because of a rise in net lending write-offs and delinquencies, American Express said.

The company's board recently approved a new plan to buy back up to 120 million of shares.

(END) Dow Jones Newswires

October 18, 2019 08:24 ET (12:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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